Four Important Tips You Need to Follow to Minimize the Risk of an Estate Dispute December 5, 2017 A major concern for many people is that their loved ones will get embroiled in time-consuming, and costly, litigation after they pass away. This is why it is important to take certain steps before you pass on to ensure your estate is not the subject of a lawsuit. Tip No. 1 – Compile an Exhaustive More
Overview of the Washington Estate Tax November 25, 2017 You may have heard about the estate tax on big news networks and the possibility that this tax would be repealed by Congress. However, it is important to understand that there are two estate taxes – a federal estate tax and a state estate tax. This means a repeal of the federal estate tax would More
Passing On Treasured Family History and Heirlooms November 18, 2017 In estate planning, there is an emphasis on financial assets, home property, and power of attorney. However, there needs to be an emphasis on effectively passing on family heirlooms. In fact, many disputes concerning an estate do not center on financially-valuable items, but rather treasured family possessions. Think of it this way: money can be More
Will the Federal Estate Tax Be Repealed? November 13, 2017 One of the most heavily discussed aspects of tax reform proposals currently being debated in Congress is the repeal of the federal estate tax (also commonly referred to as the “death tax”). The Senate majority recently unveiled the Tax Cuts and Jobs Act. This piece of legislation would not eliminate the estate tax entirely. Instead, More
Estate Tax Repeal Included in Proposed Tax Reform Legislation October 25, 2017 The House Committee on Ways and Means, along with the Senate Finance Committee, recently released their proposed framework for tax reform and it includes an outright repeal of the federal estate tax and generation-skipping transfer tax. In addition repealing the federal estate tax, the proposed legislation would eliminate personal exemptions and a myriad of itemizable More
Estate Planning is Not a One-Time Event October 15, 2017 Everyone, no matter their age or net worth, needs to have an estate plan. Why? Because an estate plan provides guidance to your loved ones on how your assets are to be distributed when you pass away. If you do not leave behind an estate plan, you are essentially leaving your property and heirlooms in More
New Facebook Feature Highlights Importance of Incorporating Digital Assets Into Your Estate Plan October 5, 2017 Facebook created a feature called Legacy Contact. This feature allows people to authorize someone to access or modify their Facebook account after they pass away. The individual named as your Facebook Legacy Contact is empowered to do the following: Write a post that will display at the top of your Facebook timeline after you More
What You Need To Know About Family Trusts September 28, 2017 This estate planning vehicle, which is sometimes also known as a bypass trust or a credit shelter trust, can save literally tens of thousands of dollars in taxes. When one spouse dies, all his or her property goes tax-free to the surviving spouse, thanks to the marital deduction. Unfortunately, this transfer also means that the More
The Two Main Types Of Trusts In Washington September 18, 2017 Although some probate is almost inevitable since a court must generally approve the will for it to take legal effect, a trust can considerably streamline the process, simply because when the decedent dies, the property passes through the trust, which is not subject to a will, as opposed to the decedent’s personal estate. People wanting More
Court Cuts Off Would-Be Prince Heirs September 5, 2017 Five people who claimed to be Prince Nelson’s half-siblings have no basis for their claims, according to the Minnesota Court of Appeals. The five people did not trace their lineage through John Nelson, who was married to Mattie Shaw at the time of Prince’s birth in 1958, and Carver County DIstrict Judge Kevin Eide had More